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STEALTHGAS INC. Reports Third Quarter and Nine Months 2020 Financial and Operating Results

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STEALTHGAS INC.
·25 min read
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ATHENS, Greece, Nov. 25, 2020 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS1

  • Fleet utilization of 96.9% - with 114 days of technical off hire, as a result of five drydockings – all completed within Q3 ‘20.

  • Fleet operational utilization of 96.0%, mainly due to 10 of our ships being in the spot market - equivalent to 21.4% of voyage days.

  • Fleet calendar days down by 4.4% year over year to 3,865 - attributed mostly to the decrease in the number of operating vessels.

  • About 68% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $80 million in contracted revenues. Period coverage for 2021 is currently 33%.

  • Delivery of a 7,500 cbm newbuilding LPG vessel, the Eco Alice, on September 30, 2020.

  • Sale of our LPG vessel the Gas Nemesis II (2001 built), on November 2, 2020 for further trading.

  • Voyage revenues of $37.1 million in Q3 ’20, an increase of $0.5 million compared to Q3 ’19 mostly due to increased revenues from our LPG and Aframax time charters.

  • Net Income of $0.8 million for Q3 ‘20 corresponding to an EPS of $0.02.

  • EBITDA of $13.3 million for Q3 ‘20 compared to $14.1 million in Q3 ’19.

  • Adjusted EBITDA of $15.8 million in Q3 ‘20 compared to $14.7 million in Q3 ’19.

  • Low gearing, as debt to assets stands at 36.5% and year over year reduction in finance costs by $2.0 million.

  • Total cash of $42.0 million as of September 30, 2020 – following the all cash delivery payment for the Eco Alice. Related loan drawdown took place in the beginning of October 2020 thus increasing our cash base.

  • Adjusted Net Income of $3.2 million for Q3 ‘20 corresponding to an Adjusted EPS of $0.08.

_____________________________________

1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Third Quarter 2020 Results:

  • Revenues for the three months ended September 30, 2020 amounted to $37.1 million, an increase of $0.5 million, or 1.4%, compared to revenues of $36.6 million for the three months ended September 30, 2019, following an increase of our time charter revenue stemming from small LPGs, our 22,000 semi–refrigerated LPG vessels and our aframax tanker.

  • Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2020 were $3.8 million and $13.8 million, respectively, compared to $4.9 million and $12.3 million, respectively, for the three months ended September 30, 2019. The $1.1 million decrease in voyage expenses, in spite of our higher exposure in the spot market, was mainly attributed to the decline of bunker costs by 20%. The 12.2% increase in vessels’ operating expenses compared to the same period of 2019, is a result of two of our vessels, a small LPG and our aframax tanker, coming off bareboat as well as increased crew costs faced due to the COVID-19 pandemic.

  • Drydocking costs for the three months ended September 30, 2020 and 2019 were $2.3 million and $0.5 million, respectively. Drydocking expenses during the third quarter of 2020 relate to the drydocking of five vessels compared to the drydocking of one vessel in the same period of last year.

  • General and Administrative expenses for the three months ended September 30, 2020 amounted to $0.6 million compared to $1.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the three months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.

  • Depreciation for each of the three months ended September 30, 2020 and 2019 was $9.4 million.

  • Impairment loss for the three months ended September 30, 2020 was $2.5 million relating to the LPG vessel Gas Nemesis II for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year.

  • Interest and finance costs for the three months ended September 30, 2020 and 2019 were $3.1 million and $5.1 million, respectively. The $2.0 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness.

  • Equity income/(loss) in joint ventures for the three months ended September 30, 2020 and 2019 was income of $0.6 million and loss of $0.2 million, respectively. The $0.8 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.

  • As a result of the above, for the three months ended September 30, 2020, the Company reported Net income of $0.8 million, compared to a net loss of $0.2 million for the three months ended September 30, 2019. The weighted average number of shares for the three months ended September 30, 2020 and 2019 was 37.9 million and 39.8 million, respectively. This decrease in the number of shares is as a result of our share buyback program and the tender offer during April 2020.

  • Earnings per share, basic and diluted, for the three months ended September 30, 2020 amounted to $0.02 compared to loss per share of $0.01 for the same period of last year.

  • Adjusted net income was $3.2 million or $0.08 per share for the three months ended September 30, 2020 compared to adjusted net income of $0.4 million or $0.01 per share for the same period of last year.

  • EBITDA for the three months ended September 30, 2020 amounted to $13.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.

  • An average of 42 vessels were owned by the Company during the three months ended September 30, 2020 and 2019.

Nine Months 2020 Results:

  • Revenues for the nine months ended September 30, 2020 amounted to $107.7 million, a decrease of $1.4 million, or 1.3%, compared to revenues of $109.1 million for the nine months ended September 30, 2019, primarily due to the reduction of our calendar days by 7.7% as a result of the decrease in the average number of our owned vessels by 1.7 vessels, along with a 86.9% reduction in the calendar days of our charter-in vessels.

  • Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2020 were $8.7 million and $38.6 million, respectively, compared to $12.9 million and $37.0 million for the nine months ended September 30, 2019. The $4.2 million decrease in voyage expenses was mainly due to the 26.7% (or 555 days) reduction of spot days and the 10% reduction in bunker costs. The $1.6 million increase in vessels’ operating expenses is mostly due to fewer vessels on bareboat and increased crew costs faced due to the COVID-19 pandemic.

  • Drydocking costs for the nine months ended September 30, 2020 and 2019 were $2.7 million and $0.7 million, respectively. The costs for the nine months ended September 30, 2020 mainly related to the drydocking of five vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of a second LPG vessel.

  • General and Administrative expenses for the nine months ended September 30, 2020 amounted to $1.6 million compared to $3.1 million for the same period of last year. This derease is mainly attributed to the fact that for the nine months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the nine months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.

  • Depreciation for the nine months ended September 30, 2020, was $28.0 million, a $0.4 million decrease from $28.4 million for the same period of last year, due to the decrease in the average number of our vessels.

  • Impairment loss for the nine months ended September 30, 2020 was $3.1 million relating to two of its oldest vessels and one vessel for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year.

  • Interest and finance costs for the nine months ended September 30, 2020 and 2019 were $11.0 million and $16.5 million respectively. The $5.5 million decrease from the same period of last year is mostly due to the decline of LIBOR rates particularly in the second quarter of 2020, along with the decrease of our indebtedness.

  • Equity income in joint ventures for the nine months ended September 30, 2020 and 2019 was $3.2 million and $0.3 million, respectively. The $2.9 million increase from the same period of last year is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.

  • As a result of the above, the Company reported net income for the nine months ended September 30, 2020 of $12.7 million, compared to net income of $1.6 million for the nine months ended September 30, 2019. The weighted average number of shares outstanding as of September 30, 2020 and 2019 was 38.5 million and 39.8 million, respectively. Earnings per share for the nine months ended September 30, 2020 amounted to $0.33 compared to earnings per share of $0.04 for the same period of last year.

  • Adjusted net income was $15.8 million, or $0.41 per share, for the nine months ended September 30, 2020 compared to adjusted net income of $2.8 million, or $0.07 per share, for the same period of last year.

  • EBITDA for the nine months ended September 30, 2020 amounted to $51.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

  • An average of 41.4 vessels were owned by the Company during the nine months ended September 30, 2020, compared to 43.1 vessels for the same period of 2019.

  • As of September 30, 2020, cash and cash equivalents amounted to $27.6 million and total debt amounted to $346.8 million. During the nine months ended September 30, 2020 debt repayments amounted to $31.2 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:

  • A two year time charter for its 1997 built LPG carrier, the Gas Galaxy, to a Major International Chemical Producer until September 2022.

  • A one year time charter extension for its 2001 built LPG carrier, the Gas Spirit, to an International LPG Trader until November 2021.

  • A six month time charter extension for its 2020 built LPG carrier, the Eco Texiana, to an International LPG Trader until June 2021.

  • A six month time charter extension for its 2018 built LPG carrier, the Eco Freeze, to an International LPG Trader until April 2021.

  • A two month time charter for its 2008 built LPG carrier, the Gas Imperiale, to a Major International Trading House until November 2020.

With these charters, the Company has total contracted revenues of approximately $80 million. Total anticipated voyage days of our fleet is 68% covered for the remainder of 2020 and currently, 33% for 2021.

Board Chairman Michael Jolliffe Commented

In the third quarter of 2020, StealthGas marked a quite satisfactory performance given that we operated in a rather difficult market. With the COVID-19 pandemic still persisting our market has been heavily affected. Due to imposed lockdowns we witnessed a decline in demand for LPG, and charterers sentiment has been affected thus making them reluctant to take forward positions on period contracts. Adding to this, regulations pertaining to crew safety and crew changes have added to our costs- and will continue to do so up until the COVID-19 pandemic subsides. Nevertheless our Company not only achieved strong revenues but managed to end the quarter with profitable results. We feel confident that we can successfully navigate in our market even during testing times. In addition, we further acknowledge that had our market not been hit by the COVID-19 pandemic, it seems we would have had a far better run this year.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).

Access Code: 8289180

In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In), +44 (0) 203 0095709 (Standard International Dial In).
Access Code: 8289180

A telephonic replay of the conference call will be available until December 2, 2020 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).
Access Code: 8289180

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.

StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 51 vessels. The fleet is comprised of 47 LPG carriers, including eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in the first quarter of 2021. These LPG vessels have a total capacity of 439,989 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment
For information on our fleet and further information:
Visit our website at www.stealthgas.com

Company Contact:
Fenia Sakellaris
STEALTHGAS INC.
011-30-210-6250-001
E-mail: info@stealthgas.com

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended September 30, 2019 and September 30, 2020.

FLEET DATA

Q3 2019

Q3 2020

9M 2019

9M 2020

Average number of vessels (1)

41.97

42.01

43.10

41.38

Period end number of owned vessels in fleet

41

43

41

43

Total calendar days for fleet (2)

4,045

3,865

12,376

11,419

Total voyage days for fleet (3)

4,005

3,746

12,321

11,266

Fleet utilization (4)

99.0

%

96.9

%

99.6

%

98.7

%

Total charter days for fleet (5)

3,257

2,945

10,242

9,742

Total spot market days for fleet (6)

748

801

2,079

1,524

Fleet operational utilization (7)

98.0

%

96.0

%

97.4

%

97.0

%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net (loss)/income before loss/(gain) on derivatives excluding swap interest received/(paid), net loss on sale of vessels, gain on deconsolidation of subsidiaries, impairment loss and share based compensation. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net (loss)/income before interest and finance costs, interest income, depreciation, share based compensation, impairment loss, loss/(gain) on derivatives, net loss on sale of vessels and gain on deconsolidation of subsidiaries.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars,
except number of shares)

Third Quarter Ended
September 30th,

Nine Months Period Ended
September 30th,

2019

2020

2019

2020

Net (Loss)/Income - Adjusted Net Income

Net (loss)/income

(227,767

)

788,496

1,561,843

12,724,522

Less/Plus (gain)/loss on derivatives

(14,389

)

(18,899

)

126,402

21,411

Plus/Less swap interest received/(paid)

52,100

(54,047

)

132,052

(64,690

)

Plus net loss on sale of vessels

492,989

--

485,516

--

Less gain on deconsolidation of subsidiaries

--

--

(145,000

)

--

Plus impairment loss

--

2,489,333

--

3,142,412

Plus share based compensation

140,548

--

611,644

--

Adjusted Net Income

443,481

3,204,883

2,772,457

15,823,655

Net (loss)/income – EBITDA

Net (loss)/income

(227,767

)

788,496

1,561,843

12,724,522

Plus interest and finance costs

5,123,454

3,069,385

16,506,372

10,993,227

Less interest income

(226,577

)

(1,591

)

(675,156

)

(153,079

)

Plus depreciation

9,423,444

9,430,419

28,371,811

27,998,487

EBITDA

14,092,554

13,286,709

45,764,870

51,563,157

Net (loss)/income - Adjusted EBITDA

Net (loss)/income

(227,767

)

788,496

1,561,843

12,724,522

Less/Plus (gain)/loss on derivatives

(14,389

)

(18,899

)

126,402

21,411

Plus net loss on sale of vessels

492,989

--

485,516

--

Less gain on deconsolidation of subsidiaries

--

--

(145,000

)

--

Plus impairment loss

--

2,489,333

--

3,142,412

Plus share based compensation

140,548

--

611,644

--

Plus interest and finance costs

5,123,454

3,069,385

16,506,372

10,993,227

Less interest income

(226,577

)

(1,591

)

(675,156

)

(153,079

)

Plus depreciation

9,423,444

9,430,419

28,371,811

27,998,487

Adjusted EBITDA

14,711,702

15,757,143

46,843,432

54,726,980

EPS - Adjusted EPS

Net (loss)/income

(227,767

)

788,496

1,561,843

12,724,522

Adjusted net income

443,481

3,204,883

2,772,457

15,823,655

Weighted average number of shares

39,792,047

37,858,437

39,830,876

38,525,594

EPS - Basic and Diluted

(0.01

)

0.02

0.04

0.33

Adjusted EPS

0.01

0.08

0.07

0.41

StealthGas Inc.
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares)

Quarters Ended
September 30,

Nine Month Periods Ended
September 30,

2019

2020

2019

2020

Revenues

Revenues

36,568,295

37,079,960

109,094,614

107,708,562

Expenses

Voyage expenses

4,475,319

3,350,502

11,524,998

7,409,136

Voyage expenses - related party

454,950

458,863

1,355,178

1,332,033

Charter hire expenses

1,469,915

--

5,034,969

318,606

Vessels' operating expenses

12,083,979

13,588,561

36,271,225

37,937,668

Vessels' operating expenses - related party

238,000

247,000

726,500

697,000

Drydocking costs

548,393

2,302,754

734,017

2,703,931

Management fees - related party

1,432,040

1,434,930

4,346,720

4,106,010

General and administrative expenses

1,079,027

573,200

3,103,635

1,643,825

Depreciation

9,423,444

9,430,419

28,371,811

27,998,487

Impairment loss

--

2,489,333

--

3,142,412

Net loss on sale of vessels

492,989

--

485,516

--

Total expenses

31,698,056

33,875,562

91,954,569

87,289,108

Income from operations

4,870,239

3,204,398

17,140,045

20,419,454

Other (expenses) / income

Interest and finance costs

(5,123,454

)

(3,069,385

)

(16,506,372

)

(10,993,227

)

Gain on deconsolidation of subsidiaries

--

--

145,000

--

Gain/(Loss) on derivatives

14,389

18,899

(126,402

)

(21,411

)

Interest income

226,577

1,591

675,156

153,079

Foreign exchange loss

(9,500

)

(5,762

)

(19,057

)

(2,392

)

Other expenses, net

(4,891,988

)

(3,054,657

)

(15,831,675

)

(10,863,951

)

Income before equity in income of investees

(21,749

)

149,741

1,308,370

9,555,503

Equity (loss)/income in joint ventures

(206,018

)

638,755

253,473

3,169,019

Net (Loss)/Income

(227,767

)

788,496

1,561,843

12,724,522

(Loss)/Earnings per share

- Basic & Diluted

(0.01

)

0.02

0.04

0.33

Weighted average number of shares

- Basic & Diluted

39,792,047

37,858,437

39,830,876

38,525,594

StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)

December 31,

September 30,

2019

2020

Assets

Current assets

Cash and cash equivalents

68,465,342

27,585,637

Trade and other receivables

4,217,101

3,555,893

Other current assets

118,246

298,594

Claims receivable

314,217

154,652

Inventories

2,447,703

3,172,426

Advances and prepayments

749,681

698,019

Restricted cash

1,589,768

976,785

Fair value of derivatives

30,381

--

Total current assets

77,932,439

36,442,006

Non-current assets

Advances for vessel under construction

2,988,903

6,275,970

Operating lease right-of-use assets

473,132

22,627

Vessels, net

835,152,403

848,855,175

Other receivables

286,915

89,873

Restricted cash

12,065,222

13,397,078

Investments in joint ventures

25,250,173

43,636,692

Deferred finance charges

--

491,869

Fair value of derivatives

39,744

--

Total non current assets

876,256,492

912,769,284

Total assets

954,188,931

949,211,290

Liabilities and Stockholders' Equity

Current liabilities

Payable to related parties

7,043,121

11,953,765

Trade accounts payable

9,032,690

11,004,310

Accrued and other liabilities

6,002,079

4,421,585

Operating lease liabilities

473,132

22,627

Customer deposits

968,000

968,000

Deferred income

2,843,994

3,434,370

Fair value of derivatives

37,567

211,564

Current portion of long-term debt

40,735,556

68,973,364

Total current liabilities

67,136,139

100,989,585

Non current liabilities

Fair value of derivatives

2,618,250

5,526,367

Long-term debt

325,247,902

277,860,624

Total non current liabilities

327,866,152

283,386,991

Total liabilities

395,002,291

384,376,576

Commitments and contingencies

Stockholders' equity

Capital stock

445,496

431,836

Treasury stock

(24,361,145

)

(25,373,380

)

Additional paid-in capital

502,419,122

499,564,087

Retained earnings

82,942,210

95,666,732

Accumulated other comprehensive loss

(2,259,043

)

(5,454,561

)

Total stockholders' equity

559,186,640

564,834,714

Total liabilities and stockholders' equity

954,188,931

949,211,290

StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

Nine Month Periods Ended
September 30,

2019

2020

Cash flows from operating activities

Net income for the period

1,561,843

12,724,522

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation

28,371,811

27,998,487

Amortization of deferred finance charges

704,265

529,971

Amortization of operating lease right-of-use assets

1,171,221

450,505

Share based compensation

611,644

--

Change in fair value of derivatives

258,454

(43,279

)

Equity income in joint ventures

(253,473

)

(3,169,019

)

Impairment loss

--

3,142,412

Net loss on sale of vessels

485,516

--

Gain on deconsolidation of subsidiaries

(145,000

)

--

Changes in operating assets and liabilities:

(Increase)/decrease in

Trade and other receivables

(209,104

)

858,250

Other current assets

77,671

(180,348

)

Claims receivable

(1,307,764

)

159,565

Inventories

1,082,352

(724,723

)

Changes in operating lease liabilities

(1,171,221

)

(450,505

)

Advances and prepayments

222,725

51,662

Increase/(decrease) in

Balances with related parties

(8,909,006

)

8,915,017

Trade accounts payable

(699,722

)

1,898,448

Accrued liabilities

(142,396

)

(1,781,467

)

Deferred income

(1,611,954

)

590,376

Net cash provided by operating activities

20,097,862

50,969,874

Cash flows from investing activities

Insurance proceeds

683,225

--

Proceeds from sale of interests in subsidiaries

20,720,975

--

Proceeds from sale of vessels, net

18,721,124

--

Vessels’ acquisitions and advances for vessels under construction

(2,948,303

)

(47,914,966

)

Investment in joint ventures

(10,220,400

)

(41,998,500

)

Return of investments by joint ventures

7,363,147

26,781,000

Advances to joint ventures

(2,908,354

)

(29,245

)

Advances from joint ventures

1,714,898

29,245

Net cash provided by/(used in) investing activities

33,126,312

(63,132,466

)

Cash flows from financing activities

Stock repurchase

(1,046,854

)

(3,880,930

)

Deferred finance charges paid

(477,201

)

(462,259

)

Advances from joint ventures

2,604,223

1,837,299

Advances to joint ventures

--

(5,841,672

)

Customer deposits paid

(368,000

)

--

Loan repayments

(87,287,891

)

(31,155,678

)

Proceeds from long-term debt

33,480,000

11,505,000

Net cash used in financing activities

(53,095,723

)

(27,998,240

)

Net increase/(decrease) in cash, cash equivalents and restricted cash

128,451

(40,160,832

)

Cash, cash equivalents and restricted cash at beginning of year

79,430,991

82,120,332

Cash, cash equivalents and restricted cash at end of period

79,559,442

41,959,500

Cash breakdown

Cash and cash equivalents

66,147,291

27,585,637

Restricted cash, current

1,218,712

976,785

Restricted cash, non current

12,193,439

13,397,078

Total cash, cash equivalents and restricted cash shown in the statements of cash flows

79,559,442

41,959,500